SteelPeak Wealth LLC boosted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 34.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,297 shares of the financial services provider's stock after acquiring an additional 5,489 shares during the quarter. SteelPeak Wealth LLC's holdings in The PNC Financial Services Group were worth $3,743,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in The PNC Financial Services Group during the 4th quarter valued at about $1,352,151,000. Leigh Baldwin & CO. LLC acquired a new position in The PNC Financial Services Group during the 4th quarter valued at about $299,864,000. GAMMA Investing LLC lifted its position in The PNC Financial Services Group by 19,279.5% during the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock valued at $201,961,000 after purchasing an additional 1,143,079 shares during the period. Schroder Investment Management Group lifted its position in The PNC Financial Services Group by 166.1% during the 4th quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock valued at $265,436,000 after purchasing an additional 860,554 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in The PNC Financial Services Group by 10.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock valued at $1,453,763,000 after purchasing an additional 726,115 shares during the period. Institutional investors own 83.53% of the company's stock.
Insider Buying and Selling
In related news, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the transaction, the executive vice president directly owned 20,490 shares in the company, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Martin Pfinsgraff bought 1,000 shares of the stock in a transaction that occurred on Friday, April 25th. The shares were purchased at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the acquisition, the director owned 2,009 shares of the company's stock, valued at $317,863.98. The trade was a 99.11% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 9,545 shares of company stock worth $1,590,080. Insiders own 0.41% of the company's stock.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on PNC shares. JPMorgan Chase & Co. reduced their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. The Goldman Sachs Group lifted their price objective on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. TD Cowen started coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They set a "buy" rating and a $233.00 price objective on the stock. Morgan Stanley reduced their price objective on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Wolfe Research reissued a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $209.11.
Read Our Latest Stock Report on PNC
The PNC Financial Services Group Stock Up 0.2%
Shares of PNC stock traded up $0.46 during trading on Monday, reaching $197.48. The company's stock had a trading volume of 2,141,363 shares, compared to its average volume of 2,143,357. The business has a fifty day moving average price of $179.40 and a 200-day moving average price of $180.03. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08. The company has a market cap of $78.12 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 1.66 and a beta of 1.07. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts' consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. Analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.
The PNC Financial Services Group Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.44%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group's payout ratio is presently 45.20%.
About The PNC Financial Services Group
(
Free Report)
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.
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